(Savings Accounts, NOW Checking Accounts & Money Market Accounts) Checking and savings accounts pay interest at a variable rate and rates may vary based on the balance in your account. We may change the interest rate and annual percentage yield at our discretion and as often as daily. There are no limits on the amount that the interest rate or annual percentage yield may change.
We use the daily balance method to calculate the interest on accounts. To determine the daily periodic rate, we divide the interest rate by the actual number of days in the year. We apply the daily periodic rate to the principal balance in the account each day. Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
Interest accrues daily and is credited to your account monthly for checking accounts and quarterly (February, May, August, November) for statement savings accounts. If you close your account before interest is credited, you will not receive the accrued interest.